Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Discover comprehensive answers to your questions from knowledgeable professionals on our user-friendly platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.
Sagot :
Answer:
Customs union.
Explanation:
Economic integration can be defined as a strategic trade arrangement between countries to eliminate or mitigate trade barriers, as well as coordinate fiscal and monetary policy among its members.
Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time. There are different types of market or trade bloc used in economic integration and these includes;
I. Political union.
II. Free trade area.
III. Common market.
IV. Economic union.
VI. Customs union.
A customs union can be defined as an agreement between a group of states (two or more neighboring countries) to minimize or eliminate customs duty, remove trade barriers and adopt a common external tariff on imported goods outside the union.
Hence, a customs union is established to reduce or eliminate internal tariffs while adding a common external tariff on products imported from countries outside the group in order to allow free trade among themselves.
Answer:
Customs union.
Explanation:
A Customs union has reduced or eliminated internal tariffs and adds a common external tariff on products imported from countries outside the group.
Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.